Flexible Spending Accounts

Flexible Spending Accounts (FSAs)

An FSA allows you to pay predictable, eligible health care expenses or expenses related to the care of a dependent child or adult with pre-tax dollars, lowering your taxable income and saving you money.

When electing an FSA, estimate your expenses carefully because any money not used by the annual deadline will be forfeited.

If you elect an FSA, Benefit Strategies will provide you with a debit card to pay expenses. Remember: save your receipts.

You have until March 31 to submit claims for the prior year.

FSA options

Health FSAWith the Health FSA, you can pay for eligible medical, dental, and vision care expenses for you and your eligible dependents. For 2018, you can contribute $120 to $2,650 per calendar year on a tax-free basis.

Note: HUSPMGU members who are enrolled in a Harvard-sponsored medical plan for 2018 receive a $275 contribution from Harvard to a Health FSA.

Limited Purpose FSAThis FSA lets you pay for out-of-pocket dental and vision care expenses only, and is for those who are enrolled in a high-deductible health plan only. For 2018, you can contribute $120 to $2,650 per calendar year on a tax-free basis.

Dependent Care FSAThis FSA lets you pay for eligible expenses for the care of a dependent child up to age 13 or a dependent adult. You may contribute up to $5,000, based on IRS guidelines.

For additional details, including information on paying for expenses and filing claims, please refer to the FSA/HSA Overview.

Health Savings Account (HSA)

If you’re enrolled in the Harvard High Deductible Health Plan (HDHP) and meet other eligibility requirement, you may contribute to an HSA to cover out of pocket medical expenses today – or save for future expenses.

For 2018, Harvard will make a tax-free contribution to your HSA, in addition to any pre-tax contributions you make (up to annual maximums).

Unspent funds roll over from year to year and the money remains yours even when you leave the University.

Faculty and staff who have a FSA/HSA debit card from Benefits Strategies with an expiration date of 12/17 will be receiving a new debit card by mail by December 1, 2017. Employees who have had a FSA/HSA since 2015 are generally affected. If you receive the new card, you may begin to use it immediately.

Frequently Asked Questions

Eligible Harvard employees have two types of reimbursement accounts to help cover eligible healthcare expenses. The Flexible Spending Account is an employee-funded, tax-preferred account available to all employees and can be used to cover many kinds of eligible out-of-pocket health expenses; you must enroll in this benefit. The Co-Payment Reimbursement program only covers co-payments above certain thresholds and is only available to employees earning less $95,000; you do not need to enroll in this benefit.